As the November 21 deadline for tax payments in Australia approaches, the country’s tax agency issued a warning not to make payments through cryptocurrency ATMs.
In its press release, the Australian Tax Office asked the public to be on “high alert” for swindlers in the guise of tax agents demanding payment.
Based on complaints reported to the ATO, payments through cryptocurrency ATMs have become the most common means by which people are scammed, overtaking payments through iTunes vouchers.
Since July 1, the agency has received 28,000 reports of scam attempts, with about AUD1 million ($730,000) actually paid out to the criminals.
“November is a prime time for scammers as they know lots of people have tax bills to pay. Be wary if someone contacts you demanding payment of a tax debt you didn’t know you owed,” ATO Assistant Commissioner Kath Anderson said.
“Our advice is simple – the ATO will never ask you to make a payment into an ATM or via gift or pre-paid cards such as iTunes and Visa cards, or direct credit to be paid to a personal bank account,” she added.
Anderson also expressed concern over taxpayers–6,000 since July 1–sharing personal information such as tax identification numbers and bank account numbers, to fake tax agents.
The press release provides a number, 1800 008 540, to call in case one is uncertain of a payment one is being asked to make. Anderson also noted that ATO personnel would not demand immediate payment or threaten with arrests, nor be aggressive or rude in their demeanor.
“That’s just not how we do business. We understand that it can sometimes be difficult to pay tax bills on time, so we urge anyone who is worried about paying to contact us as soon as possible as there are a range of ways we can help,” she said, citing a payment plan to aid delinquents.
Anderson said, “Taxpayers who lodge through a registered tax agent generally have longer to pay their tax bill. Your tax agent will advise if and when any payment is due.”
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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The world’s largest crypto ATM company Coinsource has become the latest firm to secure a coveted virtual currency license in New York, after winning the approval of regulators at the New York Department of Financial Services (NYDFS).
In securing the license—one of only nine to have been granted to date—Coinsource becomes the first company of its kind to have been awarded the license, which will enable them to provide a range of regulated services throughout the state.
In a statement, Coinsource CEO Sheffield Clark said that all New Yorkers were now eligible to buy and sell with confidence at Coinsource kiosks.
According to Clark, “Coinsource is the first and only company that operates Bitcoin Teller Machines (BTM) to receive a New York virtual currency license. All New Yorkers—from the people that are unbanked to the people who own the banks—can use our kiosks in their neighborhood retail locations to buy Bitcoin instantly in a convenient and familiar way.”
“Now that Coinsource is a license holder, our customers can buy and sell with confidence that Coinsource meets and exceeds the high standards set by the New York Department of Financial Services,” he noted. “New York represents not just a center of global innovation but also one of our largest target markets. We are extremely proud to be the only Bitcoin ATM operator holding a New York virtual currency license.”
The New York virtual currency license, dubbed the BitLicense, is increasingly seen as an essential step for firms keen to increase their appeal to regulated investors, with the likes of Coinbase, Circle and Ripple amongst the others to have secured licenses to date.
Clark said that the license would ultimately further validate the crypto ATM industry, as well as helping ordinary New Yorkers access cryptocurrencies more easily.
He explained, “From the onset, our goal was to provide millions of Americans with a reliable and convenient way to buy digital currency. Bitcoin is no longer a fringe currency, and in 2018, is increasingly being adopted by the mainstream. Today, with the issuance of the virtual currency trading license to a BTM operator, the Bitcoin industry takes another step toward public adoption.”
“This is a landmark day for Coinsource, but an even more important win for New Yorkers. We only hope that this milestone brings further validation to the BTM industry. It proves that regulators will reward entrepreneurs who combine innovation with a willingness to meet best practices and compliance standards,” Clark said.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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That didn’t take too long. The keypad on India’s first crypto ATM wasn’t even broken in and the money machine has already been removed. According to a report by the Times of India, police have seized the ATM and arrested the co-founder of the Unocoin crypto exchange, which had installed the device in Bangalore.
Harish B.V., the 37-year-old co-founder of Unocoin, was taken into custody by police this past Tuesday, only four days after news broke that the ATM had been installed. The other co-founder, Sathvik Viswanath, has not suffered the same fate as his partner and no information pertaining to the arrest was available.
The ATM was seized because the country’s Central Crime Branch claimed the company did not have permission to install the machine and because it is “dealing in cryptocurrency outside the remit of the law.” Law enforcement officials also took two laptops, a cell phone, five debit and three credit cards, a passport, cash and other items.
The machine was installed, but not operational. In a tweet from October 20, Unocoin indicated, “Our Machine didn’t go well with few mainstream media reports who projected it under a negative light. The machine is still under final testing mode and it will be up and running in the upcoming week. The machine has been temporarily moved from its original place of installation.”
Our Machine didn't go well with few mainstream media reports who projected it under a negative light. The machine is still under final testing mode and it will be up and running in the upcoming week. The machine has been temporarily moved from its original place of installation.
— Unocoin (@Unocoin) October 20, 2018
There is still a lot of debate regarding cryptocurrencies in India. Some individuals—unfortunately those that are wielding the power—have tried to prevent cryptocurrency from coming to the country. The Reserve Bank of India has banned banks from working with entities in the crypto space and has continued to do its best to portray the currency in a bad light.
Crypto is not legal tender in India—the same as in most countries—but the recent actions against Unocoin should be worrisome to everyone for their dictatorial nature. The ATM was not designed to allow users to buy or sell crypto—they could only withdraw or deposit.
To that end, there is absolutely no reason law enforcement should have gotten involved. As a trading tool, cryptocurrency is not banned by any government statutes or policies. Since the ATM would not have dispensed cash, or allowed cash to be exchanged for crypto, the arrest and seizure are completely without merit.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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The cryptocurrency industry in India is thriving despite the central bank’s rigid stance against it. On Oct. 14, the South Asian country had its first crypto ATM installed in Bengaluru’s Kemp Fort Mall. The crypto teller machine was launched by cryptocurrency exchange, Unocoin, for the exclusive use of its customers.
Unocoin has plans to launch 30 more of such ATMs across the country. Its next stop might be Mumbai and New Delhi, according to Quartz. Unodax’s customers started using the ATM on Monday, October 15th. To use the ATM, you must have a Unocoin account. The ATM, which offers fiats transactions only, allows users to deposit cash into their Unocoin account and then withdraw the funds from the account.
Complying with the countries regulations, the minimum limit on deposit or withdrawal of funds has been set at INR1,000 ($13.55) per transaction, while the maximum amount per transaction is capped at INR10,000 ($136). To use the crypto ATM, a customer will first have to validate his user ID, and then type in a one-time-password sent to his registered mobile number. If the customer wants to deposit money he can do so and the updated balance in the Unocoin account will be displayed. The process for withdrawal is similar, but if the user wishes to purchase cryptocurrencies he will have to use Unocoin’s website or mobile application.
The crypto ATMs are seen as a means of circumventing the crackdown of the Reserve Bank of India’s (RBI) on the crypto industry. In July, the RBI ordered banks to cut off business ties with local cryptocurrency traders and exchanges. However, Unocoin claims that it has not violated any of the laws of the RBI as its ATMs have nothing to do with India’s banking system. Sathvik Vishwanath, Unocoin’s CEO explained, “The ATMs deployed by us do not need any banking partnerships. These are stand-alone machines that can accept and dispense cash.”
Since the clash between the cryptocurrency and regulators in India began, exchanges have taken quite a hit. Unocoin wasn’t spared, and according to Vishwanath, “At present, the volume (of transactions) has become one-tenth of what it used to be (before the RBI crackdown). We believe that after we have deployed it in many other cities and it becomes popular than demand should come back.”
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Hundreds of thousands of US residents just got access to cryptocurrencies, right at their fingertips. According to an press release by cryptocurrency company LibertyX, the firm has entered into a partnership with Genmega, a fiat ATM supplier in the US, to facilitate crypto purchases using debit cards directly through the ATMs. It’s the first time in the US that such an initiative has been undertaken.
Genmega currently has around 100,000 ATMs spread out across the country. With a simple software upgrade, the machines can now be configured with an option that allows a user to purchase Bitcoin Core (BTC) directly from the ATM and have the currency sent immediately to the user’s cryptocurrency wallet.
The move will be an important advance for cryptocurrency adoption, giving easy access to digital currency to both veterans and new enthusiasts. It will also help provide an additional revenue stream for the ATM operators. According to Wes Dunn, Genmega’s Senior VP, “ATM operators are always looking for ways to grow volume and transactions. We are excited to work with LibertyX on this new initiative that will drive additional foot-traffic to merchant locations and provide added revenue to our operators ‒ ensuring they stay ahead of the market and bring added value to consumers.”
Virtually everyone knows how to operate an ATM. The LibertyX cryptocurrency interface will make BTC purchases as simple as making a cash withdrawal. Chris Yim, LibertyX co-founder and CEO, said that this was the goal all along. He explained, “We have been working tirelessly to make it easier to buy cryptocurrencies for the last five years and now are bringing simplicity, convenience and trust to the cryptocurrency purchasing experience through the timeless ATM.”
The inclusion of cryptocurrencies in traditional cash ATMs is a huge step forward for the cryptocurrency space. Not only does it show that crypto is gaining in popularity, but it indicates the ease with which businesses can begin to interact with digital currency. Following on the success of the crypto integration into ATMs, the next logical step would be to have more point-of-sale systems and retail money outlets embrace the future, as well.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Cryptocurrency ATMs are gaining global recognition and acceptance, with Belgium and the Netherlands also opening their arms to the crypto teller devices. Data released by Statista showed that as of August, Amsterdam is leading the race with about 12 crypto ATMs installed, while Luxembourg is lagging behind despite it being a global center of traditional finances.
Belgium has also seen a rise in crypto teller machines. As of August, Antwerp, the second most populous metro area in Belgium, has 3 crypto ATMs. The Belgian capital of Brussels and Rotterdam have two devices each. Crypto enthusiasts can purchase Bitcoin Cash (BCH), as well as BTC, ETH or LTC, using one of the machines in Brussels. Other crypto ATMs are spread across Belgian cities like Antwerp, Sint-Truiden, Ghent, and Hasselt.
The Statista study also revealed that residents in the Benelux region own less cryptocurrency as compared to other regions in Europe, noting that most of the investors in cryptocurrencies from the area are Dutch investors. According to Statista, an estimated 44,000 crypto transactions took place in the Netherlands in the first three quarters of 2017.
It’s worth noting, however, that the Statista report did not include Luxembourg, which appears not to be keen on installing the crypto teller devices. A study conducted earlier this year revealed that 92% of Luxembourg’s residents claimed they did not possess any cryptocurrency, while 6% said they had BTC, and 2% admitted they owned BCH, ETH, or XRP. Information about cryptocurrency teller machines in Luxembourg is also unavailable on the Coinatmradar database.
Belgium has been actively warning its residents against crypto scams, on the heels of the Dutch central bank’s declaration that it does not consider digital currencies to be an alternative to fiat. Regulators in the Netherlands have also stated that some crypto companies might require a license to operate in the country.
In comparison, Luxembourg has yet to decide whether it wants to fully become a crypto-friendly jurisdiction. Currently, the country is offering a licensing regime allowing companies like Bitstamp, Bitflyer and Revolut to operate across Europe.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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Cryptocurrency and blockchain technology have been making steady advancements into the mainstream market in many countries around the world, but apparently, this was not the case in Russia. According to local media reports, Russian police have seized no less than 22 automated teller machines (ATMs) selling cryptocurrency in several cities in Russia last week.
Operated by the Bbfpro company, the machines were located in shopping malls, restaurants and stores in nine different Russian cities, Russian news outlet RBC reported, quoting Digital Rights Center lawyer Sarkis Darbinyan.
In a separate interview with Russian media outlets, Bbfpro manager Artem Bedarev claimed there was no notice from the Russian authorities prior to the crackdown, noting that the investigation would continue for at least another six months. The machines would not be returned to Bbfpro while the investigation is ongoing.
The operation was ordered by the Prosecutor’s General Office, acting on a request from the Central Bank of Russia (CBR), a government agent told local media outlets. A CBR officer, who declined to comment on the crypto ATM seizures, noted that the government agency conducts “systematic work to identify and counteract illegal activities in the financial market,” particularly since there is a high chance that uncontrolled cross-border fund transfers and cash outs involving cryptocurrencies can happen.
Darbinyan, however, pointed out that the Russian Federation’s current laws do not prohibit citizens from acquiring cryptocurrencies. Bbfpro, for its part, has been observing all legal procedures, paying its taxes, and verifying the identity of its customers even without prompt from the government.
Bbfpro plans to appeal the seizure operation, according to the lawyer.
On its website, Bbfpro said its machines support purchases of cryptocurrencies like BTC. The company works with crypto exchange Exmo, offering technical support for the ATMs. According to Bbfpro, installing one terminal costs 155,000 rubles ($2,300). It charges 1 percent on the registered turnover, which is considerably less than other crypto ATMs in other countries. For example in Malta, ATM operators charge no less than 8% on each transaction.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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